Intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements), 2015 - Notice of Postal Ballot of Polo Queen Industrial and Fintech Limited
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Polo Queen Industrial and Fintech Ltd has issued a Postal Ballot Notice to shareholders for two special business items. The first is the re-appointment of Ms. Feroza Jamsheed Panday (DIN: 00232812) as an Independent Director for a second term of 5 consecutive years, from February 5, 2025 to February 4, 2030. She attended 27 out of 28 board meetings during her first term and has been rated favorably in performance evaluations. The second item is approval of a material related party transaction with Sanghai Holdings Private Limited, a promoter group entity that is 100% owned by the company's promoters. The company proposes to borrow up to Rs. 100 Crores at a fixed interest rate of 12% per annum on an unsecured basis, repayable on demand, for working capital needs, general corporate purposes, and repayment of outstanding loans. This transaction represents 146.11% of the company's annual consolidated turnover. The e-voting period runs from April 5, 2025 to May 4, 2025, with results expected by May 6, 2025.
Shareholders should note that this is a material related party transaction with a promoter-group entity, representing 146% of consolidated turnover, which warrants careful evaluation despite the 12% interest rate appearing reasonable. The director re-appointment is largely procedural and uncontroversial given her strong attendance record. Minority shareholders may want to assess whether the borrowing terms are genuinely arm's length and beneficial to the company versus alternative financing options.